Thomas Woldbye, chief executive of Heathrow Airport, has warned that failing to approve a third runway would represent a "huge missed opportunity" for the UK and risk losing private investment that would flow elsewhere globally.
Woldbye told BBC Radio 4's Today programme that Heathrow's owners, a consortium including French private equity firm Ardian, Qatar Investment Authority, Saudi Arabia's Public Investment Fund and China Investment Corporation, would deploy capital outside the UK if expansion at Britain's busiest airport proved impossible. He framed the decision as urgent, suggesting investment choices would be made in the new year.
Prime Minister Andy Burnham has declined to confirm government backing for the project. As former Mayor of Greater Manchester, Burnham opposed the scheme and said the decision should rest with "London and Londoners" after hearing from local communities. The Department for Transport said it is reviewing consultation responses and considering next steps while finalizing its Airports National Policy Statement, last updated in 2018.
The third runway project has faced decades of debate. A third runway would require demolishing hundreds of homes, diverting rivers, and tunneling the M25 motorway between junctions 14 and 15. Construction costs are estimated at £33 billion, with an opening target of 2039, delayed four years from the original 2035 date due to planning and regulatory challenges.
Heathrow currently handles over 80 million travelers annually across four passenger terminals and two runways, with flights capped at 480,000 per year. A third runway would increase capacity to 720,000 flights annually, roughly 2,000 per day. The Department for Transport estimates the expansion could deliver approximately £40 billion in economic benefits across the country.
Woldbye argued noise concerns have diminished, citing a "stark" reduction over 40 years, though local residents, politicians and climate campaigners remain opposed. He emphasized that benefits would extend nationwide through supply chain impacts "from the north all the way to the south of the UK" and stressed that prolonged uncertainty damages surrounding communities more than the runway itself.
Woldbye said he has not yet met Chancellor John Healey but plans to emphasize that Heathrow is "now full" and additional capacity is needed to sustain economic contribution.